India 2011 gold imports seen jumping 64%

Gold imports in India, the world’s largest consumer, are likely to jump 64 percent to 500-550 tonnes in 2011, driven by investment purchases that are likely to affect world prices, the head of a trade body told Reuters on Friday.

“If prices fall further to 18,000-19,000 ($514-$543) rupees (per 10 grams), the import figure would be over 600 tonnes,” said Prithviraj Kothari, president of the Bombay Bullion Association, a 400-member strong trade body.

“Much would also depend on how monsoon pans out, inflation behaves and performance of the equity markets,” Kothari said.

Monsoon rains play an important role in rural areas, which depend on agriculture and allied activities for sustenance and contributes to over 60 percent of gold demand.

Demand in 2010 had been stronger after a 19 percent decline in 2009, when the worst monsoon in nearly four decades dented sales.

Traders said the harvesting festival, which would start with pongal in Tamil Nadu, would set a strong pace for gold sales in 2011, followed by the wedding season next month.

Kothari said volumes on the Exchange Traded Funds are likely to jump 4 times to 50-60 tonnes as investors seek a safe hedge against rising inflation and diversify their portfolio to offset losses in the declining stock market.

“We could see 100 percent jump in (ETF) volumes,” said Kothari.
Prices of the yellow metal, which traded at US$1,359 ($1,764) an ounce on Friday, are likely to fall to US$1,270-1,300 by March-end weighed by a strong dollar overseas, Kothari said.
“This would be due to strong US dollar supported by strong economic indicators,” said Kothari. A rising dollar dims the yellow metal’s appeal as an alternative investment.

Kothari said the Reserve Bank of India’s decision to grant licenses to seven more banks to import bullion is a good sign for the gold trade. “It’s a good sign for trade and this would restrict monopoly of a few banks, and small traders, jewellers would get easy supplies,” said Kothari.

India’s central bank has allowed 7 more banks to import gold and silver, taking the total to 30 banks, a move that will smoothen supply.
Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore, are the new banks that have been given permission, data on the Reserve Bank of India’s (RBI) website showed.

The flow of scrap in 2011 is expected to fall from a yearly average of 200 tonnes, which could boost imports.

Silver imports in India are also expected to jump, but at a quicker pace than gold.
Shipments are expected to more than double to 2,500 tonnes in 2011 as the white metal has caught the fancy of investors seeking higher returns.

Silver prices rose 83 percent in 2010, far higher than gold’s 29 percent gain.
“Silver imports are seen on a higher side, and consumption would be also higher due to the industrial use of the metal,” said Kothari, adding “It’s a cheaper investment option. They are investing into coins and bars.”

Kothari expects silver prices to be at US$32-34 an ounce, up 19 percent from the current US$28.5 an ounce on Friday. – plushasia.com

http://cnbusinessnews.com/india-2011-gold-imports-seen-jumping-64/

U.S. House, Obama Administration debate transparency of U.S. gold reserves info

The Feds say the Gold Reserve Transparency Act of 2011 is redundant while the bill's chief sponsor argues every single bar of U.S. gold reserves should be accounted for.Author: Dorothy KosichPosted: Friday , 24 Jun 2011

RENO, NV -
A House subcommittee's hearing on the Gold Reserve Transparency Act of 2011 basically became a debate concerning whether or not sufficient information is already available to the American public about the amount of gold the U.S. holds, and what is done to protect it.
House Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul, R-Texas, contends two thirds of U.S. gold reserves have not been assayed or audited 25 years. "Surely a full audit every 25 years is not too much to ask," he declared.

Treasury Department Inspector General Eric Thorson contends independent annual audits of the U.S. Government's deep storage gold reserves have been conducted annually since fiscal year 1993. "In fact, our current fiscal year 2011 audit of those deep storage gold reserves is currently underway."

During the fiscal year 2008 audit, Thorson's auditors sampled gold statistically representing inventory valued at $75,036,352.12. Based on the independent assayer's report on those samples, "we projected the dollar value of the difference between the fine troy ounces determined by the independent assay report and the fine troy ounces recorded in the Mint's inventory records to be $3,819.84 or 0.005% of the gold inventoried," Thorson told the subcommittee.

Meanwhile, KPMG has audited the government's audits of the deep storage gold reserves since the fiscal year 2005 audit, he added.

"As of September 30, 2010, the audit quantity of custodial deep storage gold reserves held by the Mint was 245,262,897 fine troy ounces over 9,300 tons, with a market value of $320.6 billion," Thorson said.

"In closing, based on the work performed by my office and my own personal observations, I can assure the Subcommittee or anyone else for that matter, that both the quantities and value the U.S. Government's deep storage reserves held and reported by the mint are reliable and sufficiently audited," Thorson declared. Therefore, he feels the inventory and audit requirements proposed in Paul's bill, H.R. 1495 are redundant of the work that is currently performed.

Gary T. Engel, director of Financial Management and Assurance for the GAO, told the subcommittee that the holdings of U.S. gold reserves are presented in a number of financial reports. "As of September 30, 2010, most, or approximately 95%, of the reported gold reserves of the United States were in the custody of the Mint."

GAO estimated U.S. total gold reserves are 261,498,900 ounces as of Sept. 30, 2010.
Engel took issue with H.R. 1495's requirement that all U.S. gold reserves could be audited within six months in an assay, inventory, audit, and analysis conducted by the Secretary of the Treasury.

The U.S. Mint has previously declared that such an audit would require 1280 individuals working 1.3 million man-hours to complete the task in six months. Paul responded that since the Mint made $400 billion last year, "it could easily take care of this."

Rep. Blaine Luetkemeyer, R-Missouri, asked several questions regarding the pledging of U.S. gold reserves to the IMF and exactly in whose custody the gold is held-the U.S. Treasury or the IMF. It is estimated that 17% of total U.S. gold reserves are pledged to the IMF. Both Leutkemeyer and Paul questioned if gold pledged to the IMF is considered part of the U.S. gold reserve holdings.

Paul accused the U.S. government of being less than transparent in releasing information relating to its gold holdings. Thorson responded "transparency is our business...those numbers are out there."

"We know where it is" and "how much is there," Thorson stressed.
A request by Ranking Member William Clay, D-Missouri, to allow members of the subcommittee to take a tour of Fort Knox may be under consideration by the Obama Administration. Only one member of the House and one member of the Senate were allowed to visit Fort Knox in the last official congressional tour of Fort Knox taken in the 1970s.

Harga Emas Menurun

Jangkaan saya pada hari mendatang harga emas akan menurun lagi sehingga ia mencari keadaan yang selesa.

Sasaran capaian emas pada hari mendatang adalah USD 1,486.50, kemudian USD1,460 - $1,450, pada kedudukan 200 DMA untuk capaian USD 1,410.

Ini pasti akan berlaku dengan keadaan cepat dan mohon semua memerhatikan dengan rapat dan bersedia untuk membeli emas pada tika harga ini nanti.

Keadaan ini berlaku kerana disebabkan kerajaan US sedang mengukuhkan nilai matawang US nya dan begitu juga negara Greece berkemungkinan akan menerima bantuan dari negara eropah yang kaya seperti Germany dan France untuk pertumbuhan ekonominya dan secara tersiratnya negara Greece sudah terjajah jika menerima bantuan ini, jika tidak menerimanya pula ekonominya akan merudum lebih teruk...

Agro Bank Ar Rahnu 3 Jun 2011

Hari ini agro bank telah menaikkan nilai marhun emas kepada harga RM 176.50

Jadi sesiapa yang ingin menukarkan/kontrakan surat pajak anda silalah berbuat demikian dan yang utama duit yang diperolehi ini ditukarkan kepada emas atau silver. Supaya apabila hendak menebus kembali pajakan anda, anda akan beroleh 2 keuntungan.

Ingat ya!